The material on this website is for information only
and is not intended as any recommendation or endorsement of any products or companies mentioned. We are not licensed by the FSA to give financial advice, and none of the material on this website constitutes or is intended to constitute financial ...
News
iExpats.comAvoiding Pension Freedom Tax Pitfalls With QROPSiExpats.comExpats taking large amounts under pension freedoms from their UK retirement saving face unwelcome demands from the tax man. Two unfortunate consequences ... The personal allowance is deducted and tax charged at 20% on the balance. To get the difference ...
Daily MailBernie Sanders accepts Donald Trump's challenge to debate in CaliforniaDaily MailBut I would debate him anyway if they wanted to put up money for charity,' Trump said at this afternoon's news conference, as he claimed his campaign has 'had a couple of calls from the networks already.' 'I'd love to debate ... Once considered a wild ...and more »
Telegraph.co.ukBankers are now facing their Uber momentTelegraph.co.ukAs a hub for financial innovation, the UK rivals Silicon Valley. From a standing start little more than ... Yes, the terminology is opaque, but if we fast forward ten years, this kind of technology, which would allow different banking computer systems ...and more »
This is MoneyThe two-year deal from Yorkshire BS is the lowest rate of any mortgage availableThis is MoneyThe mortgage price war has flared up again to produce the cheapest home loan on the market as a two-year fix was launched today at just 1.14 per cent. The deal from Yorkshire Building Society requires a 35 per cent deposit and comes with a hefty £1,345 ...and more »
Mirror.co.ukHALF of Brits travel abroad without insurance - 10 important things you should know before you jet offMirror.co.uk... if you buy your flight by credit card then you are covered under the Consumer Credit Act for purchases between £100 and £3,000. If it's a package holiday, check whether your tour operator is ATOL-protected – this will enable you to reclaim any ...and more »
Have you met...
Latest Members:


midomidi2013


asmaasaad


shazly


ser1es


Tania Bae


peuores


DeanWatriama

 

General News

Email this story to a friend:

LANDLORDS URGED TO PROTECT THEMSELVES AS UNEMPLOYMENT HITS TENANTS

Unemployment among new tenants in the private rented sector has risen to 7.8%, up from just 3.1% twelve months ago, according to Smartlandlord.co.uk, the property services website for landlords.21-04-2009

Over 40% of the UK’s 2 million unemployed are aged under 25 – and in that age group people usually rent so the private rented sector has been hit hard by the current economic downturn.  By far the worst hit area is Northern Ireland, where unemployment among new private rented tenants is now nearly 17%.

Keshav Thukaram, managing director of Smartlandlord.co.uk, commented: ‘With the social housing sector ill equipped to cope with extra demand, private landlords are increasingly being called upon to take in unemployed people on benefit.  With oversupply in the rented sector due to reluctant landlords, taking in DSS tenants can be a good way to secure a regular income in the current environment.  But there is evidence that some landlords are suffering because benefits aren’t being paid on time, so landlords taking this route must ensure they know their rights, and apply to have the rent paid directly by the council if they experience problems.’

With the regular employment market in turmoil, there has also been a rise in the number of self-employed tenants, up from 7.8% to 8.4% annually; and a slow but sustained growth in the number of retirees, from 7.8% to 8.1%.

 The proportion of new tenants which are students is very seasonal, and usually peaks in July and August as landlords reference tenants before the start of the new university year.  But with many of those who have lost their jobs going back into education, the proportion of new tenants which are students has risen from 0.2% last April, to 4.1% now. 

Keshav Thukaram warned: ‘With the occupation of tenants diversifying from traditional employment, landlords need to make sure they reference tenants to ascertain they can afford the property, and ask for guarantors where necessary. 

 But tenant referencing is an indication of a tenant’s past and current situation – it is no guarantee of the future.  In the current economic environment, any tenant, whatever their employment may find themselves in financial difficulty due to some unexpected loss of income.  This means landlords need to look at new ways to protect themselves, such as rent guarantee insurance and rent on time’

 

 

 

Advertise with us  |  Privacy  |  Terms & Copyright                                                                                     Website maintained by USP Networks